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Lower the Cost of Your Presettlement Legal Funding People waiting for settlements from their lawsuits, regardless of the type, can now easily access presettlement lawsuit funding. In a lot of cases, these funds are known as Presettlement Loans and they provide claimants with an avenue to gain access to their settlement before distribution. Settlement Funding is yet another common name for this kind of credit facility. Because a defendant’s negligence in most lawsuits is abundantly clear, with the court only having to determine the settlement amount, financial institutions can offer this facility. Presettlement Loans are most commonly offered in cases that involve workers’ compensation and in personal injury lawsuits. Your Presettlement Loan can be obtained at a lowered cost by following the tips below. 1. Offer all the details that relate to your case. Offering all the details related to your case that enabled you to prove the other party’s liability and ensure that you won compensation is a key requirement when applying for a Presettlement Loan. When filling out an application for Presettlement Funding, ensure you are completely truthful and accurate. Besides the ultimate value of the settlement offered to you, you should also outline the economic and non-economic damages that are related to your case. 2. State whether you have received medical treatment When applying for a Presettlement loan, your financial institution will want to carefully scrutinize any medical procedures that may have been necessary due to negligence. Any injuries you suffer should be continuously documented without any “gaps” in medical procedures. To ensure full documentation of your injuries and the cost of receiving medical attention, continue to keep your appointments with your medical professional even when you start to feel better. 3. Have a lawyer that has a full understanding of your case When applying for Presettlement Funding, it is best to be represented by the same lawyer who helped you win the settlement where possible. Staying with the same attorney who represented you in the lawsuit will give you stability while helping you to hold the valuation of the settlement amount. The lawyer not only has an intimate understanding of the lawsuit, but can also get you the largest settlement possible and ease the loan application process.
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4. Pick the amount of your loan carefully When you only apply for the amount of money you need, the cost of your Presettlement funding is lowered significantly. When the proceeds of your settlement are distributed, you pay lower fees if you have applied for a smaller loan.
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Conclusion Presettlement funding is different from other loans from commercial lenders since it refers to the assignment of a part of the settlement value to the lender for cash payment to the beneficiary. A cash-strapped plaintiff can easily use a Presettlement Loan to obtain cash against their pending settlement, but it is important for the beneficiary to carefully assess the amount of money they would like to borrow.